Thanks all.

I'm unclear on a few things.

Where is the setting in CP that controls how long a new person has to verify his email before the account gets deleted?

Also, I'm not really sure I understand the difference between the different Spam Protection Level settings.

Currently I have mine set to:
Semi-Auto with Member management checks before display

Ideally, I'd like my board to function like this:
1. Accounts that are flagged by Stop Forum Spam get deleted within a certain period of time (without me having to manually do it)
2. Still be able to manually approve all new legit registrations